What kind of assets can a collection company take?

Scare tactics. . .

I don't believe they can take anything without you going to court and having judgement against you.

I have a collection agency harassing me. Look into the threads here but I'm pretty sure they're in violation if they're threatening you with things they really can't legally do.

I record the calls now and log everything. A few people have gotten paid for violations. I place the calls on speaker and keep my little recorder at hand. They can be quite nasty. Look for posts on here on how to handle CA and make sure you send them a VA (validation letter via CMRR)first and foremost once they send you a letter telling you they're taking charge of this account.

Toyota, check out cardreport.com and click on credit problems. There'a alot of interesting FAQ regarding collection agencies. I found it very informative!

What state do you live in?

Many collectors spout this crap off to scare you into paying but they have no power to enforce it. Unless you go to court and a judgment is issued against you none of this will happen. I think the only assets that really are looked at are wages, home ownership, automobiles and savings. Sometimes they will freeze a bank account if you have one with money in it and they find it. Sometimes they might put a lien on your property if you own any. Mostly they attempt garnishment.